Collaborative rebate management platform Enable has raised $120 million in Series D financing at a $1 billion pre-money valuation.

The company, founded in the UK and now headquartered in San Francisco, helps manufacturers, distributors and retailers take control of their rebate programmes and turn them into an engine for growth. 

Starting with finance and commercial teams, Enable helps them better manage rebate complexity and optimise sales and profit with automated real-time data and insights, accurate forecasting, and stronger cross-functional alignment. 

This lets the teams — and everyone in the business — know exactly where they are with rebates internally and across the supply chain. 

Enable then creates a pathway for businesses to reach out externally to suppliers and customers, driving purchasing behaviour through one collaborative place to author, agree upon, execute on, and track the progress of deals.

The round was led by Lightspeed Venture Partners, with participation from all previous lead investors Menlo Ventures, Norwest Venture Partners, Insight Partners, and Sierra Ventures. It brings the total amount raised since 2020 to $276m.

The company has also added two new members to its board of directors: Dan Levin, former president and COO at Box; and Arsham Memarzadeh, partner at Lightspeed.

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“When we started this journey, rebates were quite often an afterthought, put in place because trading partners felt they needed to. Rebate programs were generally managed in Excel spreadsheets, and not well communicated. Their real value wasn’t understood,” said Andrew Butt, co-founder & CEO of Enable (profiled above).

“By helping the market to understand how to strategically use rebates for growth, and by demonstrating the financial outcomes our customers are achieving, we’re bringing to light what effective rebate management can deliver. 

“With this round of funding, we will drive larger financial outcomes for manufacturers, distributors, and retailers who are feeling the crunch of the supply chain more than ever. Instilling partnerships with levels of collaboration and transparency they haven’t had is critical for each partner to achieve the outcomes they need to grow their business.” 

The intricacies of the modern supply chain, influenced by global sourcing, complex vendor relationships, industry consolidation, and rising customer expectations, have created an environment where effective rebate management must play a pivotal role. 

Rebate management is no longer just a financial exercise; it’s a strategic imperative for every business operating within the supply chain. By using B2B rebates strategically, businesses protect margins, increase revenue, mitigate risk, lower costs, improve customer loyalty and so much more. Rebates are the only behavioural incentive capable of producing such dramatic results for businesses regardless of where they sit in the supply chain.  

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“Rebate programs are becoming ever more complex. They now represent the majority of profit for distributors and retailers, and they are major growth drivers for manufacturers,” said Memarzadeh. “These outcomes combine with growing recognition that rebates drive behaviour far more effectively than traditional pricing and discount mechanisms. It’s no longer optional to adopt a rebate management platform, and Enable is defining the future of the category.

“Since investing in Enable’s Series C last year, they’ve exceeded our expectations in what has otherwise been a tumultuous environment for enterprise software businesses. Lightspeed could not be more excited to deepen our partnership with Enable and be a larger part of their journey.”

The funding comes at a time of rapid growth for Enable. The company is on a trajectory to more than double its revenue by year end, having sustained triple digital annual growth every year since it first opened in the USA in 2019. 

Enable currently has five locations around the world with over 550 employees, and thousands of companies are using Enable’s software globally. This capital injection will be used to accelerate the growth of the company’s rebate management platform, making the product faster to adopt, able to deliver even more actionable insight to unlock additional revenue and profit opportunities for customers, and bringing on new team members to support growth around the globe.